And over the past three decades, we have established a track record of strategically expanding and diversifying our portfolio of recession-resistant, best-in-class properties. Your email address will not be published. Just one quick one from me on acquisitions. In light of current market conditions, we have shown discipline with regard to our approach to capital allocation, and we'll continue to do so going forward. At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Safe Harbor's operating team, led by Baxter . Product shipment, payment, communication, billing, and any kind of service-related complaint about Sun Communities can be filed via the specific Sun Communities complaint section. Email Formats. Executive Summary. Is that a demand impact? The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. A follow-up question on insurance. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. So, can you walk through some of the pressure or other factors that are below the line that's not when you see the Same Property NOI growth flow through to the FFO? Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. Bloomberg Daybreak Middle East. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. Thank you for your participation in today's conference. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? Good morning, ladies and gentlemen, and thank you for standing by. Our next question is from the line of John Kim with BMO Capital Markets. Gary has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. We negotiate as a package. We and our stakeholders have benefited from the compelling supply and demand dynamics that underpin manufactured housing, RV communities and marinas. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? And as we've shared, again, that today, one of the areas that I think differentiates Sun and gives us the greatest opportunity is the ability to create new ground-up developments and expand our manufactured housing portfolio. We feel it's definitely recoverable. Operator? The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] That is an increase of about 300 basis points over 2022. Reason #1 to Attend: Learn. Our next question is from the line of Brad Heffern with RBC Capital Markets. Up to 5 Development is in Sun's DNA. About Us: In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. Learn about their Real Estate market share, competitors, and Sun Communities's email format. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . Sun Communities raise the rent and by Sun Communities raise the rent by 4.5% every year until it become unaffordable living in one of their 55 y/old trailer park. So that is one area. I think just general good stewardship of how we think about reducing that variable debt. And then, taking a step back, so if we think about your -- both your real property, excluding transient and transient on a like-for-like basis, if we exclude your transient conversion expectations for '23, where would the numbers shake out, both on excluding transient, then transient as a whole, right? There are 4 older and 13 younger executives at Sun Communities. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. They're actually trending a little bit ahead of this past year, which of course, as we shared before, is great because that is the feeder for more holiday home sales and more rent paying sites. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. So, I think, again, 40-year track record, 30-year public, 10-year private, indicates that we will be able to continue to get the correct growth based on the value proposition. I think it reflects our strategic plan with management. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? Yes. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. There is an increase in the surveys that we've done and our competitor has done, with expectation of RV stay and camping this coming year. And with the addition of Park Leisure, which are really the high end of holiday vacation parks, they have a much lower percent of fleet home ownership in those 14 properties. Lorem ipsum dolor sit amet consectetur adipisicing elit. As our 30-year track record has demonstrated, we have a business model that delivers results throughout economic cycles, supported by compelling supply-demand fundamentals. Total Compensation for Fiscal Year Ending in 2021: $ . And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. sun communities inc sun communities sun communities - inc sun communities inc sun properties sun properties - inc Sun Communities Global Presence Search All Employees Sun Communities CEO Our next question is from the line of Anthony Powell with Barclays. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. John? At the midpoint, we were expecting 7.5% for this year. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. Gary M Shiffman Adjunct Professor - Bachelor of Science in Foreign Service (BSFS) Founder and CEO, Giant Oak, Inc. Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. Is that seasonal? But that being said, we can't underscore the fact that with this increased cost, as Fernando mentioned of $18 million, we're still seeing at Same Property growth of 5.4% at the midpoint. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. So, paying down variable debt is probably something that allows us greater opportunity to create growth in the future or if there's something very accretive, we would look at that as well. Full year transient Same Property RV revenues grew by 3.1%, reflecting an average rate of growth of 14.1%, despite an almost 10% reduction in available site nights from the strategic conversion of transient sites to annual leases. million verified professionals across 35 million companies. Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. So, because there is a cost associated with over 16,000 sites that we've already bought and paid for, that are not yielding any return, we carry on debt. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. She joined us in 1998 as a Director of . Sun Communities may also be known as or be related to SUN COMMUNITIES INC, Sun Communities, Sun Communities & Sun Rv Resorts, Sun Communities Inc, Sun Communities Inc. and Sun Communities, Inc. No credit card required. Thank you very much. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer concerns since 2004. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. Jul 27, 2021, 11:00 a.m. We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. Privacy Policy. This review was chosen algorithmically as the most valued customer feedback. No credit card required. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. Reagan Haynes. I will add that we did speak to them the other day. Gary A. Shiffman serves as Chairman of the Board of the Company. This information is according to proxy statements filed for the 2021 . But if you look out into the whole year, we're a little bit ahead in total booking pace, meaning bookings that have actually happened at this point in time versus where we were last year. So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. So, should this only grow with acquisitions? The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. At the midpoint of the ranges, summarized in our press release, this total Same Property NOI growth assumes 4.6% growth from manufactured housing, 5.8% growth from RV and a 7% increase from marinas. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. His association with Sun Communities goes back to its inception. If you're not automatically redirected, please click here. As of December 31, Sun had $7.2 billion of debt outstanding that carried a weighted average interest rate of 3.8%, with a weighted average maturity of 7.4 years. Why? Last updated 24 days ago. I don't believe we'll lose any opportunities because Sun always has a seat at the table and just about all of the sellers will reach out to Sun, either directly or through a relationship or brokerage. Please go ahead. I think it totally reflects quality, location and value of the assets in our portfolio. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. Career & Education - Company, University, & College Gary attended Michigan State University. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. Thank you. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. We have built our culture around a simple customer service philosophy: The Golden Rule. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. Is this happening to you frequently? During the year, we achieved a record of over 2,900 revenue-producing site gains, driven by more than 2,250 conversions of transient RV sites to annual leases, which topped last year's record conversions of nearly 1,700 sites and represented a 36% year-over-year increase. There is nothing identified yet or nothing that is meaningful. How are you guys thinking about that? Yes, the company is profitable. Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. {{ userNotificationState.getAlertCount('bell') }}. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. And in his stewardship and direction over there, we believe we will derive great benefit for our shareholders as we go forward in an area that really differentiates us from all others in our asset class. Sun Communities, Inc. is a REIT that, as of December 31, 2020, owned, operated, or had an interest in a portfolio of 552 developed MH, RV and marina properties comprising over 188,000 developed sites in 39 states and Ontario, Canada. We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. He has been actively involved in the management, acquisition, construction and development of manufactured housing communities and has developed an extensive network of industry relationships over the past thirty years. Gary A. Shiffman is the CEO of Sun Communities, Inc. This year marks Sun's 30th year as a public company. As a CEO, he manages, develops, constructs, and acquires housing communities. My wife and myself are getting thrown out of this park due to an unfair prejidced manager who lets a karaoke mob run this place and she has lied to corperate people to accomplish this I have several witnesses to this and they a justin lawson and rebecca morrison did not care to talk to anyone just told us we had to leave.. What are you seeing on the leading-edge demand for transient RV? Is this your company? The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. 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